So In today’s world, every organization aims to make it big by growing its sales. And through the channel partner program, they can accomplish that. For long-term success, there are few aspects that a must consider while evaluating your channel partner program.
What is a channel partner program?
In the channel partner program, the business enters into an agreement with individuals, businesses, or third-party organisations that are involved with selling the product but are not directly employed by the company. They ensure to widen the distribution of the products or services to potential audiences and various other geographic areas. These partners also offer follow-up, maintenance, and long-term support even after the sale is made. The channel partners are common especially in B2B, Tech, and manufacturing industries. As a reward for distributing products, services the business compensates the channel partner with a sales commission and other incentives. This leads to maximizing the value to sell more products.
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Let’s explore the following things that guide the best to consider while evaluating your channel partner program:
Know the Parameters
Before choosing the channel partners, it is better to understand completely the channel partner relationship.
What kind of partner your organization requires will completely depend on your business. The partner also requires significant training, support that is specific to the role.
Get clear insights about all the parameters of the channel partner relationship that include which kind of partners you want to contact.
Understand the Partner’s Business
This is quite a challenging thing to do but it is very important to consider while evaluating, as it will be the key to be sure that your business is well aligned with the channel partners.
Not just profiling the partner’s business data and other details of the partner’s business. One should dive deeper into the partner’s business before proceeding further. That include:[su_list icon=”icon: chevron-circle-right” icon_color=”#eb5959″]
- Every channel partner program has different timelines not all follow the usual fiscal calendar. These might be tricky for planning, but clearly understanding their timelines will help to maximize timing and also for better planning various promotions and marketing funds.
- Knowing that the partners are up-to-date with the changing technology, marketing strategies and whether they are updating their website often will help to understand
- How advanced the partners are and will also identify the ways to sell your services, products, and other ways to do business.
- By gathering the channel partner’s business goal one can stay aligned with the partner in the long-run. Seeking the goals that are common to the partners will help to develop the programs and for a better approach.
Know the Strengths and Weaknesses
Understanding the partner’s technical level of expertise will be a great add-on. The services they offer which areas they shine on, specializations, certifications, and various other aspects.
It is quite a complex thing to navigate but would leverage huge benefits. To know the partner’s strengths and weaknesses analysing few factors would be fruitful in the long-run:[su_list icon=”icon: chevron-circle-right” icon_color=”#eb5959″]
- A proper background check like their team, their expertise in the industry, various roles.
- Their customers, reviews from their customers, understanding whether they are the best fit with your business needs.
- Their offerings, will they focus on the services and the products.
- Will their work add value to the customer?
[/su_list]All these factors will give you clear insights to re-evaluate the relationship with your channel partner.
Talking to the partners often and providing them with the latest updates of your products and services will develop a better relationship as well as growth to the business. Few quick and easy ways to communicate with the channel partners’ regularly are:[su_list icon=”icon: chevron-circle-right” icon_color=”#eb5959″]
- By creating a group by using any of the platforms like Slack, WhatsApp, and others to provide instant updates.
- An in-person meeting at the office would be a good idea too.
- Regular email newsletter to send out updates about the latest services and product announcements.
- Using an LMS platform for posting the discussions, announcements, and other business-related updates
Stick with the partners especially with those who continue to struggle and deliver the best outputs. An on-going conversation and sharing of ideas will build better communication and relationships with partners. By, cultivating a better relationship with the partners will help in the long-term establishment.
Advantages of the Channel Partner Program
The better the channel partner loyalty program the more effective will be the brand awareness in the current markets. It will also help in better reach for the customer base, and also enhances the revenue.
The partners will help in a break into major verticals and global markets which will ultimately give way to new customers and experience the rapid growth in sales. Many businesses have achieved tremendous growth in just six months all thanks to their successful channel partner program.
It is always impossible to get drastic growth in business, but still, a channel partner program will help to maximize the customer base and revenue.
The best thing about the channel partner is they make sure to well take care of your products and services by endorsing them in all major markets. Many people usually trust the third party’s opinions rather than directly even if they know that the party is your direct partner.